I have been uncomfortably busy with “other things” this entire week, leaving little time for me to trade like I want to do.
I have been in meetings all morning, and just returned to my computer a few minutes after 10am US/Central.
It was fairly obvious the market was turning when I looked at the standard zoom. It looked a little different from a zoom-out. But, overall the setup was decent enough for me to CONSIDER trading.
You might want to zoom out a little more on your own charts for another interesting view of the market. It might look like I’m taking a trade that I don’t normally do…and you’d be right if that’s all you considered at the zoomed out level. However, at any zoom level, and especially at the normal zoom level where the trading decision really occurs, be sure to notice the Logical Forex Phase. It looks okay, doesn’t it?
### EUR/USD Zoomed Out Market Context
EUR/USD Forex Scalping Context
*** TRADE #1
As Price approached the Logical Forex Magnet Line, it has a LOT of momentum. The Quote Panel was moving with a nice pace, but it wasn’t moving so fast that I was concerned about getting a good fill. (That’s ALWAYS a consideration with a “fast move”.)
EUR/USD Forex Scalping Fast Move
When price moves with authority toward a Magnet Line, I’m always cautious…because price could snap back just as fast. But, I was willing to TRY the trade. Remember…a large part of my decision to enter was based on what I saw on the LIVE chart and more importantly on the LIVE broker quote panel! Trading a live market ALWAYS looks different and “feels” different and gives you different (and better) information on your trades than these static chart images can do.
Exit #1
On a fast move, I always want to be ready to exit fast, too. “In and out quickly, whenever it goes against me.”
EUR/USD Forex Scalping Fast Move
Well…I have meetings the remainder of the day, and late into the evening. I wish I could have traded more today, but…I just have to “go with the flow”…the Logical Flow…of the market…and my business…and with “life stuff”, too.
Hi Greg,
why is not always 5 pips the vertical distance among Activity lines on your charts? I noticed that some time it is 4 pips instead. This has never happened so far on my charts. I always get 5 pips spacing.
Hi Paolo.
You can set the “horizontal grid line” in NinjaTrader by Right-Clicking on the chart, then at the bottom of the little popup menu, select “Properties…”. You find the setting for the horizontal grid line about in the middle of that option list.
I use only 5 on EUR/USD, both 4 and 5 pips on the EUR/JPY. Sometimes In notice that prices is continually “touching” a 4 pip “grid” or a 5 pip “grid” on the EUR/JPY and I may adjust the grid accordingly. But, don’t go randomly changing it. Once you have begun “training your brain” on a 4 or 5 pip grid on EUR/JPY, leave it along.
Part of the reason I post both 4 and 5 pip grids is because some people who have attended a workshop with me have expressed a strong preference for one or the other, and I try to accommodate each with the trade examples I post.
Don’t dwell on this one. It’s basically unimportant to making trading decisions. Use a 5 pip on both the EUR/USD and EUR/JPY, and you’ll be fine.
-Greg